Former credit union CEO to face trial on embezzlement counts

SAGINAW, Mich. — A mid-Michigan man accused of embezzling more than $710,000 from a credit union during his time as its CEO is heading to trial.

Stanley Hayes, 45, was ordered Friday to stand trial after he waived his preliminary exam. He faces 13 felony counts, including nine counts of embezzling.

MLive.com reports Hayes' trial was ordered nearly a year after the Valley State Credit Union was declared in "unsafe and unsound condition" and placed into a conservatorship by state officials.

Hayes was CEO of the Saginaw Township financial institution from 2005 until he was fired in 2016.

Michigan Attorney General Bill Schuette said that during his time as CEO, Hayes allegedly used money embezzled from the credit union to pay for his insurance, property taxes, travel and other personal expenses.